INCOME TAX : Where assessee was doing business with NSEL and since Exchange had fallen and lost all money of borrowers traders, assessee had written off a proportionate amount as doubtful receivables and bad debts, its claim of bad debt was allowable; even if recovery process had been initiated by NSEL, assessee could not be forced to wait till recoveries were made; amount recovered subsequently would be offered to tax in year of recoveryINCOME TAX : Where assessee was doing business with NSEL and since Exchange had fallen and lost all money of borrowers traders, assessee had written off a proportionate amount as doubtful receivables and bad debts, its claim of bad debt was allowable; even if recovery process had been initiated by NSEL, assessee could not be forced to wait till recoveries were made; amount recovered subsequently would be offered to tax in year of recoverywww.taxmann.com Latest Case LawsRead More
